The local currency opened more than US 0.5 cents higher than Friday's close of $US0.9080/84. The Aussie buck began trading at $US0.9153/59.

The local unit was trading between $US0.9095 and $US0.9179 on Friday. Westpac New Zealand senior market strategist Imre Speizer predicted the dollar would remain high during the Asian session. He added that “assuming that there is no new stuff regarding the political story, I think it will probably range around these highs.”

Meanwhile, the New Zealand dollar was buying fairly at US71.83 cents on Monday inspite of the 7.0 magnitude earthquake that hit Christchurch on Saturday morning. The rate is up from Friday's US71.40 cents.

BNZ market strategist Mike Jones said, “... the NZ dollar/US dollar closed last week just a smidge below 3 1/2 week highs of US72.20 cents. However, with the full impact of the quake since having dawned on markets, the NZ dollar/US dollar has opened this morning 20 points lower around US71.80 cents.”

Against the Euro, the Kiwi was buying at 0.5573 this morning from 0.5566 on Friday. Moreover, the New Zealand dollar was buying 60.42 yen from 60.12 yen. Monday morning's trade weighted index was 66.63, while the index on Friday was 66.45.